Range International (ASX:RAN) set to undertake $3.6m entitlement offer

• Range International (RAN) is set to undertake a fully underwritten non-renounceable entitlement offer to raise $3.6 million
• Eligible shareholders will be able to receive one new share for every one held as of August 30 with shares to be priced at 0.8 cents each
• Range will use the money to invest in its inventory, pay operating expenses, for capital expenditure, and to grow its rental business
• Shares will be allocated and issued on September 20 and will begin trading on the ASX on September 21
• Range ends the day 15.4 per cent in the red with shares trading at 1.1 cents

Range International (RAN) is set to undertake a fully underwritten non-renounceable entitlement offer to raise $3.6 million.

The company entered a trading halt on August 23 and has since revealed the full details of the raise.

Specifically, eligible shareholders will be able to receive one new share for every one held as of August 30.

Shares will be priced at 0.8 cents which represents — a 38.5 per cent discount to Range’s closing price of 1.3 cents on August 20.

The entitlement offer is fully underwritten by Peak Asset Management, Ridge Capital, Alluvion Capital and Director Richard Jenkins who have agreed to underwrite $1.8 million, $670,000, $330,000 and $810,971 respectively.

Range will use the money to invest in its inventory, pay operating expense needs and capital expenditure, as well as to grow its rental business.

Shares will be allocated and issued on September 20 and will begin trading on the ASX on September 21.

Range has ended the day 15.4 per cent in the red with shares trading at 1.1 cents in a $5.86 million market cap.